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Sensex opens lower in line with Asian peers
July, 29th 2009

Indian markets opened in the negative terrain on Wednesday in line with other Asian markets. Selling activity was seen in realty and capital goods space. Analysts are of the view that market may see volatility ahead of July series F&O expiry.

Lackluster global cues demand a lower opening for our markets, though derivative expiry will dictate movements after opening. Writing of 4500 put and 4700 calls suggests, not much is expected from this quarters.

Recent history suggests when most people expect volatility; markets go into hibernation mode in last few days before expiry.

This time around, the setting is ideal. Global markets are marking time after a surge, and foreign investors seem to have reduced their activity levels. Highest roll-over of 40% in last four months suggest punters are slowly getting their risk appetite back. Immediate support comes in at 15230 and resistance at 15470, said Anagram Stock Broking note.

At 9:56 am, Bombay Stock Exchanges Sensex was at 15211.61, down 112.56 points and National Stock Exchanges Nifty was at 4523.15, down 40.15 points.

Asian markets gave up intra-day gains and were in the red. Nikkei 225 was down 0.07 per cent, Shanghai Composite fell 1.75 per cent and Hang Seng was down 1.88 per cent.

US stocks ended on a mixed note overnight after weak consumer confidence data offset gains on account of positive earnings. The Dow Jones Industrial Average shed 11.79 points, or 0.13 per cent, to 9,096.72.

The Standard & Poor's 500 Index dropped 2.56 points, or 0.26 per cent, to 979.62. But the Nasdaq Composite Index gained 7.62 points, or 0.39 per cent, to 1,975.51.

Earlier on Tuesday, the US consumer confidence index declined more than expected in July, a second consecutive monthly fall, as a sluggish labor market continued to worry consumers.

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